The U.S. Environmental Protection Agency (EPA) has announced a $147 million loan under the Water Infrastructure Finance and Innovation Act (WIFIA) to the Florida Keys Aqueduct Authority. This funding is part of the EPA's "Powering the Great American Comeback" initiative, which aims to protect human health and the environment while promoting economic growth.
EPA Administrator Lee Zeldin stated, "Part of our Powering the Great American Comeback initiative is putting taxpayer dollars to good use, and this nearly $150 million WIFIA loan will provide clean and safe drinking water to 150,000 Americans. I will always work with local, public, and private partners to help EPA achieve its goal of carrying out our core mission of bringing clean air, land, and water to all Americans."
The Florida Keys Aqueduct Authority plans several projects in Miami-Dade and Monroe Counties using this loan. These projects aim to enhance infrastructure resilience against hurricanes and extreme weather events, address emerging contaminants, and expand capacity for customer needs. The nine project components include upgrades to transmission mains, storage tanks, and a water treatment facility.
Greg Veliz, Executive Director of the Florida Keys Aqueduct Authority said: “The Florida Keys Aqueduct Authority is pleased to have secured this essential component of our funding package for water system improvements and resiliency initiatives. We are grateful for our partnership with the Environmental Protection Agency (EPA), whose commitment to providing financial assistance is vital in addressing the unique vulnerabilities of our water supply system in the Florida Keys.”
This WIFIA loan allows deferment of principal payments for several years, saving an estimated $29.5 million over its lifespan. It marks EPA’s second WIFIA loan to this authority, totaling approximately $200 million in financing for critical drinking water projects.
Since 2018, EPA’s WIFIA program has provided over $21 billion in financing for various water infrastructure projects across the country. The program supports investment through flexible financing features and competitive interest rates.
The WIFIA program was established by Congress in 2014 as a federal loan initiative managed by EPA. It aims at accelerating investments in national water infrastructure by offering long-term credit assistance for significant regional projects.
Currently entering its eighth selection round for financing opportunities under WIFIA, EPA offers substantial funding options alongside SWIFIA loans dedicated exclusively to state infrastructure authorities.
